Baidu (BIDU) Enters Licensed Music Arena with 'One-Stop China'
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Baidu, Inc. (Nasdaq: BIDU), has signed a landmark agreement for the distribution of digital music with One-Stop China (OSC), a joint venture whose shareholders are three of the leading global record companies: Universal Music, Warner Music (NYSE: WMG), and Sony Music (NYSE: SNE).
From the release: "OSC shareholders will license to Baidu their catalogues and upcoming new releases, including Chinese songs (in Mandarin and Cantonese) and international tracks, which can be streamed or downloaded from Baidu's servers.
Under the terms of the deal, Baidu will remunerate music content owners on a per-play and per-download basis for all tracks delivered through the Baidu MP3 Search service, as well as Baidu's newly launched social music platform, ting!. The new product offers users the ability to discover and share music and music-related content."
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From the release: "OSC shareholders will license to Baidu their catalogues and upcoming new releases, including Chinese songs (in Mandarin and Cantonese) and international tracks, which can be streamed or downloaded from Baidu's servers.
Under the terms of the deal, Baidu will remunerate music content owners on a per-play and per-download basis for all tracks delivered through the Baidu MP3 Search service, as well as Baidu's newly launched social music platform, ting!. The new product offers users the ability to discover and share music and music-related content."
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
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